Luiri Gold Limited
TSX VENTURE : LGL
ASX : LGM

Luiri Gold Limited

September 14, 2010 06:47 ET

Luiri Gold Market Update

TORONTO, CANADA--(Marketwire - Sept. 14, 2010) - Luiri Gold Limited (TSX VENTURE:LGL)(ASX:LGM) provides the following market update on its actions to resolve the tenure issues surrounding its mining licence LML48 in Zambia.

Luiri Gold has been granted an order in the High Court of Zambia for the stay of the decision of the Minister of Mines and Minerals Development to cancel its Large Scale Mining Licence pending the hearing of a High Court appeal lodged by Luiri Gold.

Luiri Gold's legal advice clearly states it remains in full compliance with all provisions of its mining licence.

In addition to the formal legal process, the Company is continuing to pursue all available avenues for resolution of the issue. This includes direct negotiations with senior members of the Zambian Government, and the provision of additional documentary information on the matter to the Minister of Mines in Zambia. The Company has benefited from additional support from key domestic and international mining and Government stakeholders.

LML48 contains the Matala and Dunrobin gold deposits in the Luiri Hill Gold Project.

In a positive development for the Company the Zambian Department of Mines has granted Luiri Gold a one year extension to LPL209, the prospecting licence that surrounds LML48. The Company had submitted an application for a 12 month extension on the licence to enable it to carry out further feasibility studies. The prospecting licence was due for expiry at the end of July 2010. This extension application is in accordance with the Mining Act.

Luiri Gold will provide regular updates for its shareholders as it progresses the tenure issue in Zambia.

For further information visit the Luiri Gold website: www.luirigold.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED

Michael Sperinck, President, Managing Director and CEO

This press release contains forward-looking information which involves risks and uncertainties. Forward looking information represents management's current views and these may change significantly as new information comes to hand.

NEITHER THE TSX VENTURE EXCHANGE NOR THE ASX HAS REVIEWED THIS RELEASE AND NEITHER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Luiri Gold Limited
    Michael Sperinck
    President
    +61-401-694-322
    www.luirigold.com
    or
    Luiri Gold's North American Investor Relations
    First Canadian Capital Corp.
    Daniel Boase
    416-742-5600
    Toll Free: 1-866-580-8891
    request@firstcanadiancapital.com